10 Companies Echo Friday’s Market Pessimism

7. Semtech Corp. (NASDAQ:SMTC)

Semiconductor manufacturer Semtech Corp. dropped for a second day on Friday, losing another 9.9 percent to finish at $54.51 apiece after an analyst downgraded the company’s price target, citing slower take-up in the chipmaker’s products.

On Friday, Baird analysts lowered their price target for SMTC to $60 from $80 previously, while maintaining an “outperform” rating on the stock.

The analysts cited slower-than-expected take-up in SMTC’s active copper cables (ACC), which offer extended reach to allow for high-volume switch-to-server connections.

The brokerage firm also noted that it observed muted activity in overall ACC take-up.

“ACC benchmarking activity has been muted in the past few months outside of Meta. ACCs and LPOs remain a medium-term opportunity for Semtech and are the basis for our Outperform rating; however, investors should brace for near-term turbulence,” Baird said in its note.